Litecoin price is holding a key support near the $ 60.00 level against the US Dollar. LTC/USD may perhaps slowly recover as long as it is above $ 60.00.
Key Talking Points
- Litecoin price attempted a minor recovery above the $ 64.00 level, but failed (Data feed of Kraken) against the US Dollar.
- There is a key expanding triangle forming with resistance near the $ 65.00 level on the hourly chart of the LTC/USD pair.
- The pair could attempt a recovery as long as bulls keep the $ 60.00 support level intact.
Litecoin Price Forecast
This week, we saw nasty declines from well above $ 70.00 in litecoin price against the US dollar. The LTC/USD traded lower and tested an important support near the $ 60.00 level.
Looking at the chart, LTC price formed a low near $ 61.06 yesterday and later recovered. However, upsides were capped and later a new low was formed at $ 60.28.
Finally, there was a decent recovery above the $ 64.00 level. The price also moved above the 23.6% Fib retracement level of the last decline from the $ 75.13 high to $ 60.28 low. However, the upside move was capped by the $ 65.00 resistance.
At the moment, it seems like there is a key expanding triangle forming with resistance near the $ 65.00 level on the hourly chart of the LTC/USD pair. The pair is currently moving lower and it could revisit the $ 62.00 support.
Below this, the last swing low at $ 60.28 is a key support followed by the $ 60.00 level. Below this last, the next key support is near the $ 56.00 level.
On the upside, if the pair manages to break the $ 65.00 level, it could test the 50% Fib retracement level of the last decline from the $ 75.13 high to $ 60.28 low at $ 67.70. Above this, the price may well move towards the $ 68.00 and $ 69.00 levels.
Overall, litecoin price is holding the $ 60.00 support area and as long as bulls are active above $ 60.00, there could be a decent recovery in the near term.
The market data is provided by TradingView.
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